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Anshu Jain today used his first call with analysts as co-chief executive of Deutsche Bank to deliver news that its investment bank would suffer 1,500 job cuts as part of an ongoing group-wide initiative to reduce costs.

The call followed the release of Deutsche Bank's second-quarter results earlier in the day http://bit.ly/PimPWy.

Jain announced a total headcount reduction of 1,900, of which 1,500 would come from the investment bank. He said further details would be given at the bank's investor day in September. Dow Jones had reported two weeks ago that Germany’s largest bank was aiming to cut between 900 and 1,000 investment banking jobs http://bit.ly/NSalrv.

The cuts will largely come from outside Deutsche Bank’s domestic market and are expected to save the bank about €350m as part of its overall €3bn savings target. Jain said the bank’s compensation process was too complex and needed to be more transparent to fit with an industry change in banking culture.

Jain said: “The need to change the compensation model is the most important of all…we need to further address both the absolute level of compensation and the relative balance between rewards for shareholders and those for employees."

The job cuts are part of a cost efficiency drive by Deutsche Bank outlined in a strategic review on June 1. The bank is halfway through the 100-day review process, which it launched after Jain and Jürgen Fitschen jointly took over from former chief executive Josef Ackermann.

Among the bank's plans to save money are changes to its business and revenue model, a scaling back of its ambitions in certain countries and the completion of its integration of German financial services provider, Postbank.